U.S. bank holding companies (BHCs) have developed a very significant nonbank footprint over the years, adding thousands …

instead that NBFI and bank businesses and risks are so interwoven that they are better described as having transformed over … contingent liquidity risk from the provision of credit lines to NBFIs; and (iii) empirical work confirms bank-NBFI linkages …

Bank payout policy is strongly affected by regulation and politics, especially for the largest banks. Banks, but not … the Global Financial Crisis, bank regulators' influence on payout policies of the largest banks increases sharply and …

, which is the risk that a new technology has negative spillovers on the value of a bank's legacy loan portfolio. Using both … overhang. These results hold for two distinct measures of asset overhang and using bank mergers as a source of exogenous … variation in bank specialization. We further show that these heterogeneous effects arise through financial contracting. Overall …